Bloomberg News

Stocks in U.S. Pare Gains as ISDA Says Greek Default Swaps to Be Triggered

March 09, 2012

U.S. stocks pared gains after an industry group ruled that Greece’s debt restructuring is a “credit event” that will trigger $3 billion in default insurance.

The International Swaps and Derivatives Association Inc. said that an auction will be held in respect to outstanding credit-default swap transactions on March 19.

The Standard & Poor’s 500 Index was up 0.3 percent at 1,369.78 as of 2:59 p.m. in New York after rising as much as 0.7 percent. Financial shares were up 0.6 percent, trimming a 1.3 percent gain in half.

To contact the editor responsible for this story: Michael P. Regan at

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